By: Staff Writer

August 02, Colombo (LNW): Dubai, a city that has transformed its desert landscape into a skyline of architectural marvels, boasts a thriving real estate market with monthly transactions exceeding USD 1.5 billion.

It has become a global hotspot for property investors, drawing attention with its vibrant economy, innovative buildings, and luxurious lifestyle. As Dubai continues to grow, its real estate market presents abundant opportunities for investors.

While Sri Lankans have traditionally invested in real estate overseas in places like Australia, Canada, and the UK, Dubai remains relatively unexplored. This is mainly due to limited awareness and a lack of reliable partners.

The upcoming property show aims to address these issues by providing a platform for investors to meet top developers, explore various properties, and understand the intricacies of international investments.

Investing in Dubai offers significant financial incentives for Sri Lankans. The potential for passive income through rental yields of 6-7% highlights the strength of Dubai’s real estate market.

In contrast, Sri Lanka’s real estate yields range from 1-3%, making Dubai an attractive option for maximizing returns. Additionally, the favorable exchange rate of 91 LKR per AED enhances the financial benefits, providing stability amid global political uncertainties.

A 12-member delegation from Oneroad Group DMCC Dubai, a leading investment consortium, recently concluded a successful visit to Sri Lanka from July 7 to 14, 2024.

Rt. Hon. David Cameron, the former Prime Minister of the United Kingdom, played a significant role. With great enthusiasm, a thorough understanding of every detail, and strong belief in the success of the Port City project, he brought an infectious energy and goodwill to all the investors he met.

Cameron’s presence at the events was remarkable. His commitment to the Port City project was evident, and his energy was contagious. He approached every interaction with investors, whether one-on-one or in group discussions, with the same level of enthusiasm and dedication.

One of the highlights of the events was the exchange of views between David Cameron and Nirj Deva. Deva, a former British and European Member of Parliament and a key organizer of the events, facilitated this engaging dialogue. The stage came alive with their dynamic conversation, filled with insightful questions and thought-provoking responses.

The Oneroad Group expressed their gratitude for the warm hospitality of the Sri Lankan government and reaffirmed their commitment to exploring further investment opportunities.

1. Finance State Minister Shehan Semasinghe announces President Ranil Wickremesinghe met with IMF Mission Chief Peter Breuer to discuss completing the third review necessary for disbursing the fourth tranche: The discussions focused on areas needing attention for the review’s success: The IMF praised Wickremesinghe’s leadership and economic progress, while debt restructuring efforts and future prosperity were also addressed.
   
2. Rebel SLPP MP (Prof.) G.L. Peiris now serving under the ‘Nidahasa Janatha Sabha’ says the SLPP symbolises former President Mahinda Rajapaksa and Mahinda Rajapaksa only, regardless of the Party’s MPs who chose to back current President Ranil Wickremesinghe in the upcoming polls: asserts SLPPers are devoted to Rajapaksa and not anyone else: accuses the SLPP MPs who are currently backing Wickremesinghe of expecting privileges by doing so.
   
3. MP Dhammika Perera is expected to be announced as the SLPP’s Presidential candidate on August 7, according to party sources: This confirmation aligns with LNW’s December 2023 prediction: Perera, a leading investor and entrepreneur, is recognised for his extensive business expertise, setting him apart as the party’s top choice for the upcoming presidential polls.
   
4. Foreign Minister Ali Sabry advises Sri Lankans to avoid travel to Lebanon unless absolutely necessary due to rising tensions after Hamas leader Ismail Haniyeh’s assassination: With about 6,000 Sri Lankans in Lebanon, the government has a plan to repatriate workers if needed: Two committees have been formed to monitor the situation and ensure protection, and Sabry warned against using visit visas for foreign employment.
   
5. Finance State Minister Ranjith Siyambalapitiya announces an extra Rs. 3,000 allowance for public service pensioners, raising their total interim allowance to Rs. 5,500 starting in September: Following presidential directives, an expert committee was formed to address salary disparities: This interim allowance, in effect until a new salary structure in 2025, will cost the government Rs. 8.4 billion in 2024.
   
6. HSBC Sri Lanka launches the HSBC Live+ Credit Card, offering 15% dining discounts and up to 10% cashback on dining, shopping, and entertainment: In partnership with Visa, the card provides rewards for lifestyle spending and is among the first in the HSBC Group to introduce such benefits globally: The card aims to enhance dining experiences and offer substantial cashback on everyday expenses.
   
7. The Supreme Court schedules a hearing on August 9 to address Shani Abeysekera’s petition for enhanced protection due to life threats: Notices have been issued to respondents, including former IGP Deshabandu Tennakoon and Defence Secretary Kamal Gunaratne: Abeysekera’s counsel, Upul Jayasuriya, cited a conspiracy to assassinate his client, prompting the court to order respondents to present their case on the specified date.
   
8. The ‘Atlas Angel’ joint military exercise by the Montana National Guard, U.S. Pacific Air Forces, Sri Lanka Air Force, and Maldives National Defence Force aims to boost disaster response readiness from August 5-9: Over 70 U.S. personnel and two C-130 Hercules aircraft will participate: The exercise includes urban and medical search and rescue, airfield repair, and a crisis management drill, highlighting international cooperation in disaster management.
   
9. The Chief Incumbent of Hunupitiya Gangaramaya Temple in Colombo, Ven. Galaboda Gnanissara Thero, popularly known as “Podi Hamuduruwo”, passes away aged 81: The Thero was receiving treatment at a private hospital in Colombo.
   
10. Sri Lanka’s Tharushi Karunaratne will compete in her first heats of the women’s 800m event at the Paris 2024 Olympics today (02) at midnight (IST): Amongst four Asian representatives, she will race against athletes from Lithuania, Australia, Switzerland, Italy, the US, Jamaica, and Kenya. Karunaratne, 19, is the Asian record holder and 2023 Asian Games Gold Medalist.

August 02, Colombo (LNW): A joint military exercise named ‘Atlas Angel’ is being conducted by the Montana National Guard and U.S. Pacific Air Forces in partnership with the Sri Lanka Air Force and the Maldives National Defense Force.

This initiative aims to improve disaster response readiness.

From August 5-9, over 70 U.S. personnel and two C-130 Hercules aircraft will collaborate with Sri Lankan and Maldivian forces.

The exercise emphasises the importance of international cooperation in disaster management and reflects the U.S.’s commitment to a resilient Indo-Pacific region.

Atlas Angel includes six drills focusing on urban and medical search and rescue, airfield repair, and will culminate in a crisis management exercise on August 9. These activities aim to enhance the participants’ abilities to handle real-world disasters.

Post-exercise, U.S. Air Force surgeons will conduct a knowledge exchange at Kothalawala Defence University in Colombo, sharing best practices with Sri Lankan military and civilian medical professionals.

Air Marshal Udeni Rajapaksa, Commander of the Sri Lanka Air Force, highlighted that Atlas Angel is a key exercise under the Montana State Partnership Programme, fostering greater engagement and interoperability between the Sri Lanka Air Force and the Montana National Guard.

The exercise focuses on humanitarian assistance, disaster relief, and search and rescue missions, enhancing regional collective security.

Montana National Guard Adjutant General Pete Hronek stressed the importance of rigorous training in disaster management, noting that realistic simulations help prepare responders to act decisively during crises.

The Montana National Guard, primarily composed of part-time civilian personnel, supports community, state, and national defence and disaster response missions.

Through the U.S. Department of Defense’s State Partnership Programme, the Montana National Guard has been working with Sri Lanka’s Ministry of Defense and related organisations since 2021 to enhance disaster preparedness and resilience.

August 02, Colombo (LNW): Finance State Minister Ranjith Siyambalapitiya has announced that public service pensioners will receive an extra Rs. 3,000 allowance, increasing the total interim allowance to Rs. 5,500 starting in September.

Following presidential directives, an expert committee led by U. R. Senevirathne was established to tackle salary disparities among public servants.

Minister Siyambalapitiya noted that this interim allowance will be in effect until the new salary structure is introduced in 2025.

The State Minister highlighted that the government will spend an additional Rs. 8.4 billion in 2024 to provide this allowance to approximately 700,000 retirees.

Despite the challenges of managing the state budget, this interim allowance has been introduced as a swift solution to support retired government employees facing financial difficulties.

August 02, Colombo (LNW): The Supreme Court today (02) has scheduled a hearing on August 09 to consider a petition filed by Shani Abeysekera, the former Director of the Criminal Investigation Department (CID), seeking enhanced protection due to threats to his life.

Notices have been issued to the respondents of the petition, including former IGP Deshabandu Tennakoon and Defence Secretary Kamal Gunaratne, requiring their appearance on the specified date.

The petition was reviewed by a Supreme Court panel comprising Justices Vijith Malalgoda, Murdu Fernando, and Yasantha Kodagoda.

During the proceedings, Upul Jayasuriya PC, representing Abeysekera, informed the court of a reported conspiracy to assassinate his client via a staged car accident, emphasising the imminent risk to Abeysekera’s life.

Counsel Jayasuriya argued that the current security measures for Abeysekera are inadequate and requested the court to mandate sufficient protection.

After considering the presented facts, the three-judge panel ordered that the respondents present their case on 9 August 2024.

Respondents include Deshabandu Tennakoon, the National Police Commission, and the Defence Secretary.

August 02, Colombo (LNW): President Ranil Wickremesinghe recently met with IMF Mission Chief Peter Breuer and his team to discuss the completion of the third review necessary for the disbursement of the fourth tranche, Finance State Minister Shehan Semasinghe said.

In a statement on X, Semasinghe highlighted that the discussions centred on identifying areas requiring further attention to ensure the successful completion of the third review.

The timely disbursement of the fourth tranche is contingent on this review.

The IMF team praised President Wickremesinghe for his leadership and commitment, which have been instrumental in achieving significant economic improvements in a short period.

The meeting also addressed the progress of debt restructuring efforts, with the President reaffirming his dedication to guiding the country towards a prosperous future.

August 02, Colombo (LNW): In a significant move to tackle the whitefly infestation affecting coconut and king coconut plantations, the Agriculture Department has introduced over 300,000 ‘Encarsia Guadeloupe’ parasites this year, according to the Coconut Cultivation Board.

Reports indicate that whitefly damage is currently impacting several coconut-growing regions. However, recent rainfall in the Western Province and other areas has somewhat mitigated the damage.

Whiteflies, which are particularly attracted to the colour yellow, have caused more severe damage to king coconut plantations compared to regular coconut trees. So far, 1,051,323 affected coconut and king coconut trees have been treated.

The whitefly infestation has drastically reduced coconut yields, leading to a significant decrease last year.

To combat this, the Coconut Cultivation Board has distributed 700 liquid spray machines for applying coconut oil extract and conducted 3,046 awareness programmes for coconut farmers.

Plans for 2024 include distributing two million coconut saplings to farmers, with 800,000 saplings already given out. Additionally, 11,401 king coconut saplings have been distributed, and 23,233 king coconut seeds have been planted in nurseries to increase sapling availability.

August 02, Colombo (LNW): Foreign Minister Ali Sabry has urged Sri Lankans to avoid travelling to Lebanon unless absolutely necessary, due to heightened tensions following the assassination of Hamas leader Ismail Haniyeh.

Approximately 6,000 Sri Lankans currently reside in Lebanon, reported Ada Derana, citing comments from the Minister. He reassured that the government has a contingency plan to repatriate Sri Lankan workers from Iran and surrounding areas if the conflict intensifies.

The President has established two committees to monitor the situation and implement necessary measures.

Sabry mentioned that a pre-existing plan from October is under review to ensure immediate action can be taken to protect Sri Lankans if the situation deteriorates.

Additionally, the minister cautioned against seeking foreign employment using visit visas, highlighting recent issues faced by Sri Lankans in Myanmar and Russia who did not follow proper procedures for overseas employment.

August 02, Colombo (LNW): Indian budget airline IndiGo has added Jaffna, Sri Lanka, to its international routes. Starting from 1st September 2024, the airline will operate non-stop daily flights between Chennai and Jaffna.

This new route makes Jaffna IndiGo’s second destination in Sri Lanka, following Colombo, and marks its 34th international and 122nd overall destination within its 6E network.

IndiGo emphasised that this move will strengthen the cultural and trade ties between India and Sri Lanka, enhancing cooperation in commerce, infrastructure development, and air connectivity. Bookings for this new route will be available from 1st August 2024.

India remains the leading source of international tourists to Sri Lanka. In June 2024, Indian tourists constituted 25.2% of all arrivals, with over 28,631 travellers, compared to a 26.7% share in June 2023 with around 26,830 visitors.

IndiGo highlighted the growing interest in travel to Jaffna, stating that the new route will improve regional accessibility. Jaffna will complement existing flights to Colombo, providing travellers with an additional entry point to Sri Lanka.

Vinay Malhotra, Head of Global Sales at IndiGo, stated, “We are excited to introduce Jaffna as our latest destination in Sri Lanka, which will boost trade and tourism between our nations.

Along with daily flights from Chennai to Jaffna, we offer 30 weekly flights from four Indian cities to Colombo. This 75-minute flight will significantly reduce travel time, making Jaffna more accessible. We aim to provide superior connectivity and expand travel options for our customers.”

The demand for travel between Chennai and Jaffna is evident, with over 21,000 passengers flying this route in just nine months last year. IndiGo’s new direct flight will enhance connectivity and support Sri Lanka’s tourism recovery, tapping into a crucial market.

Jaffna, located in Sri Lanka’s northern province, is rich in history and cultural heritage. Known for its vibrant Tamil traditions, festivals, and historical landmarks, it offers visitors a glimpse into the resilience and diversity of its people.

Key attractions include the Jaffna Fort and the Nallur Kandaswamy Kovil, a significant Hindu temple. Jaffna’s cultural heritage and culinary delights make it an appealing destination for travellers seeking an authentic experience.